Summary. Each year, thousands of executives retire from long and successful corporate careers. But few are prepared for the journey they are about to embark on. Based on conversations with dozens of highly respected former chief executives, the authors identified seven common mistakes, ranging from not preparing far enough in advance to thinking you can rely on your existing professional network to not realizing that behaviors that worked for you as an executive can work against you in retirement.

Each year, thousands of executives retire from long and successful corporate careers. But few are prepared for the journey they are about to embark on. Through our work, our experience on and working with corporate boards, and our personal interactions, we’ve observed the journeys into retirement of thousands of executives. We’ve watched people thrive in this new life stage, with some reaching levels of satisfaction and fulfillment they never thought possible. But we’ve also witnessed the long, difficult and sometimes dark journeys on the way to the other side.

The twists and turns toward a post-executive life are different for almost every person — but along the way, there are surprisingly common mistakes that, to one degree or another, frustrate, obstruct and forestall this transition.

We call the most common missteps the seven hidden traps of executive retirement. Becoming aware of them before you begin your journey — and hopefully avoiding them — will de-risk your path to an optimal new life phase and allow you to enjoy the journey along the way.

1. Looking through the lens of the present impedes you from seeing future possibilities.

Viewing the world through your current corporate identity will push you to incrementality, focusing on questions such as: What are the most obvious things I should be considering? How can I hold onto the prestige of my previous role as long as possible?

Instead, you need to focus on a fundamental reimagination of your self as you enter this new phase of your life, asking questions like: What is my purpose? What are my values? What is my legacy? What are my innate strengths and weaknesses? What brings me joy? What do I now want to achieve in my life?

2. A wealth of options can overwhelm and paralyze decision making.

A successful retirement journey begins with a redefinition of your identity, purpose and mission. Having gone through this exercise, you can now translate these “north star” definitions into a set of decision criteria from which you can evaluate the multitude of options in front of you. Lenses such as “I want to work with teams” or “I want to impact this specific cause” or “I want to support younger leaders” or even “I only want to travel five days a month” can all be used as screens to filter out alluring, but inappropriate engagements that will not take you where you want to go.

3. Relying on your old network can distract you from the critical task of building your new one.

Join multiple new communities — and the earlier, the better. Find peers who are farther along in the retirement journey and learn from them. Reach out to others with similar personal, professional and philanthropic interests. Join an established network that proactively facilitates interaction and creates new opportunities for connection and serendipity.

Rekindling old relationships or investing in new ones will lead to valuable and unpredictable outcomes. It is often these new connections who are your most robust channel of inbound opportunities and lead to the most unexpected and fulfilling outcomes.

4. Delayed retirement planning can lead to urgent, anxious, and awkward outcomes.

Begin as early as two years before your expected retirement. Take some quiet time to think about your next life phase. Talk openly with your spouse. What are you excited about? What makes you worry?

Schedule lunches and dinners with those you respect who have successfully navigated their way through the retirement transition. Reach out to those you think might be helpful in evaluating future opportunities. Begin to replace fear and uncertainty with facts and knowledge. Ultimately, bring this all together in a strategic retirement plan.

5. Decisive behaviors that worked for you as an executive can work against you in retirement.

The initial phase of retirement is the perfect time to make small, smart bets and learn as much about potential opportunities, and yourself, as possible.

First, make a list of the types of activities you think you would like to do in retirement. Next, and perhaps most importantly, make a list of assumptions about what “the work” of these engagements will be like, and why you think you will enjoy it. Finally, begin to identify low-risk opportunities to experiment, test your assumptions, and validate that the day-to-day activities you will be engaged in are as satisfying as you anticipated.

You might be surprised at how many of these experiments lead you to realize the activities you thought would be fun and fulfilling are anything but. Alternatively, these experiments can lead you to move some things you weren’t initially excited about much higher on the list.

6. Focusing narrowly on the most traditional options limits your ability to maximize your fulfillment.

When making your plan for what to do next, it’s reasonable to start with a list of the usual suspects. But before making any long-term commitments, we recommend expanding this list to include other, less common paths. Would you enjoy coaching or mentoring leaders, younger professionals, entrepreneurs or students? Would it be exciting to make seed investments in a portfolio of startups, selectively providing advisory work along the way? Do you want to write a play, or join a band? Do you want to check an item off your bucket list, for example learning several new languages? Do you want to live in a new country for a month every year? Do you want to buy a small vineyard in Napa, or relax on a farm in the mid-west and blend anonymously into your surroundings?

7. Waiting for the phone to ring can rob you of the most fulfilling opportunities.

Designing your optimal retirement lifestyle requires uncovering potential opportunities in the marketplace — and also making sure that opportunities can find you. Being proactive in your search increases the opportunities from which to choose from, increases your odds of success, builds confidence and helps you avoid becoming stuck in roles you don’t like.

Dust off the old resume. Network online and offline. Consider informational interviews, cold calling and even working with organizations to craft a role which doesn’t currently exist.

All of this takes effort, but it will pay off in the long run. Never forget, you are the lead designer for the rest of your life.

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Today’s definition of retirement is entirely new, marked by a desire to continue working, to create a portfolio of activities and engagements, to make a meaningful positive impact and to design an overall lifestyle that keeps you engaged, excited and active. Avoiding these seven common traps will help make the transition more efficient and enjoyable. It may even lead you to your most fulfilling life stage yet.